Professional Startup Investor Survey
About you
What is your responsibility at the fund?
Investment Team
Non-Investment Team
What is your job title?
General Partner / Managing Partner
Partner
Principal / Director
Manager
Associate
Analyst
Junior to Analyst
Which gender do you identify with?
Man
Woman
Non-binary
Other
Are you of Aboriginal and/or Torres Strait Islander origin?
Yes
No
Do you receive carried interest in your fund as part of your compensation?
Yes
No
Do you feel like you have the same amount of say in your firm’s investment decisions as your colleagues at the same level as you?
Yes
No
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Fund raising
Has your fund been in active fundraising preparations or activities in 2022?
Yes, we announced final close on a new fund in 2022
Yes, we are currently fundraising a new fund
No
This does not apply to our fund
In 2022, to what extent have you noticed a change in appetite for Australian Venture investment from LPs?
Significant increase
Slight increase
No change
Slight decrease
Significant decrease
I don’t feel sufficiently informed to comment
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Deal making
What stage are the *first* cheques written by your firm? (Select all that apply)
Accelerator
Pre-Seed / Seed
Series A / Series B
Series C+
Secondary
Relative to how many deals you expected to make in 2022, how would you best describe your deal cadence this year?
We made more investments than expected
We made fewer investments than expected
In line with expectations
Prefer not to say
In 2023, do you expect the cadence of new investments to:
Increase compared to 2022
Decrease compared to 2022
Remain in line with 2022
In 2022, what is your best estimate of the change in valuations of investment opportunities?
Please Select
-90%
-80%
-70%
-60%
-50%
-40%
-30%
-20%
-10%
No change
+10%
+20%
+30%
+40%
+50%
+60%
+70%
+80%
+90%
+100%
In 2022, has your fund participated in a down round?
Yes
No
To what extent do you think investment opportunities at Pre-Seed / Seed have become more or less competitive over the past 12 months?
Significantly more competitive
Somewhat more competitive
No change in competitive intensity
Somewhat less competitive
Significantly less competitive
Not relevant to our fund
To what extent do you think investment opportunities at Series A / Series B have become more or less competitive over the past 12 months?
Significantly more competitive
Somewhat more competitive
No change in competitive intensity
Somewhat less competitive
Significantly less competitive
Not relevant to our fund
12. To what extent do you think investment opportunities at Series C+ have become more or less competitive over the past 12 months?
Significantly more competitive
Somewhat more competitive
No change in competitive intensity
Somewhat less competitive
Significantly less competitive
Not relevant to our fund
In 2022, what in your opinion have been the most decisive factors to win a competitive deal situation? (Select up to three)
Alignment of vision / purpose
Building a relationship with the founding team early
Chemistry with founding team
Access to relevant networks
Valuation
Track record
Brand and reputation of your fund
Speed of conviction / decisiveness
Ability to follow-on in future rounds
Commitment to social and sustainability impact
Diversity of your investment team
International expansion support
Expertise / thought leadership on the industry
Operational support (e.g. talent, sales, corporate development, comms, etc..)
Flexibility on round terms (e.g. ownership, ticket size, etc)
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Existing investments
Has your fund seen a portfolio company fail in 2022?
Yes
No
In 2022, what percentage of your investments were follow-on investments in current portfolio companies?
Please Select
None
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
In 2022, what percentage of your investments were internal or bridging rounds that went unannounced (and will likely remain unannounced)?
Please Select
None
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
What changes in fundraising dynamics, if any, have you observed as a result of the change in market environment in 2022? (Select all that apply)
Increased structure in term sheets
Longer fundraising processes
Increased frequency of bridge and / or extension rounds
Increased frequency of retrading / repricing term sheets
Delayed exit processes
Increased frequency of pulled term sheets
Increase failure rates
Deeper / more extensive due diligence
Slower investor decision-making speed
Other
What is your advice to existing portfolio company founders for managing their cash flow for the next 12 months compared to the previous 12 months? (Select max two)
Increasing cash at hand by raising equity financing
Increasing cash at hand by raising debt financing
Decreasing burn rate to extend cash runway
Accelerating investment
No change to their strategy
Prefer not to say
Other
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Final questions
In 2023, you expect to see startup investment activities in Australia
Significantly increase
Slightly increase
Not change
Slightly decrease
Significantly decrease
In 2023 and beyond, what sectors are you most excited about when it comes to Australia's startup ecosystem? (Select up to 3)
Agriculture / Agtech
Artificial intelligence / Big Data
Biotech / MedTech
Blockchain / Cryptocurrency / Web3
ClimateTech / CleanTech
Consumer Product (non Food / Bev)
Cybersecurity / Data Privacy / Digital ID
Deep Tech
Design / Publishing / Collaboration
DevTech / Developer Tools
Ecommerce / Retail
EdTech / Training
Enterprise / Business Software
FinTech
Food / Beverage
Gaming / Esports
Hardware / Robotics / IoT
HealthTech
LegalTech
Marketplace
MarTech / AdTech / SalesTech
PropTech / RealTech / Construction
Social Networking / Media
Space / Aviation / Defence
Transportation / Logistics / Supply Chain
Other
In 2023, you expect to see the activity of international startup investors:
Significantly increase
Slightly increase
Not change
Slightly decrease
Significantly decrease
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